GrowGeneration (NASDAQ:GRWG) Downgraded by Craig Hallum to Hold

Craig Hallum downgraded shares of GrowGeneration (NASDAQ:GRWG) from a buy rating to a hold rating in a report published on Friday, PriceTargets.com reports. They currently have $12.50 price objective on the stock, down from their previous price objective of $30.00.

GRWG has been the subject of several other reports. Wells Fargo & Company initiated coverage on shares of GrowGeneration in a research note on Monday, December 6th. They set an equal weight rating and a $18.00 target price for the company. Roth Capital dropped their price objective on shares of GrowGeneration from $40.00 to $35.00 and set a buy rating for the company in a research note on Thursday, November 11th. Zacks Investment Research cut shares of GrowGeneration from a hold rating to a sell rating in a research note on Monday, October 18th. Stifel Nicolaus cut shares of GrowGeneration from a buy rating to a hold rating and dropped their price objective for the company from $41.00 to $24.00 in a research note on Friday, November 12th. Finally, Lake Street Capital dropped their target price on shares of GrowGeneration from $44.00 to $19.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $26.83.

Shares of GRWG opened at $9.38 on Friday. The company’s 50 day moving average price is $15.72 and its 200 day moving average price is $26.47. GrowGeneration has a 52 week low of $9.00 and a 52 week high of $67.75. The company has a market capitalization of $559.14 million, a PE ratio of 30.26 and a beta of 2.65.

GrowGeneration (NASDAQ:GRWG) last announced its quarterly earnings data on Thursday, November 11th. The company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.09 by ($0.02). The company had revenue of $116.00 million for the quarter, compared to analysts’ expectations of $115.28 million. GrowGeneration had a net margin of 4.67% and a return on equity of 5.24%. During the same period in the previous year, the firm posted $0.06 earnings per share. As a group, equities analysts predict that GrowGeneration will post 0.27 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp boosted its position in shares of GrowGeneration by 9.5% in the third quarter. Bank of New York Mellon Corp now owns 219,786 shares of the company’s stock valued at $5,422,000 after acquiring an additional 19,080 shares during the period. Thrivent Financial for Lutherans acquired a new position in GrowGeneration in the third quarter valued at about $410,000. United Capital Financial Advisers LLC raised its stake in GrowGeneration by 6.0% during the third quarter. United Capital Financial Advisers LLC now owns 8,774 shares of the company’s stock worth $216,000 after acquiring an additional 500 shares in the last quarter. Voloridge Investment Management LLC raised its stake in GrowGeneration by 282.9% during the third quarter. Voloridge Investment Management LLC now owns 256,259 shares of the company’s stock worth $6,322,000 after acquiring an additional 189,333 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in GrowGeneration during the third quarter worth about $436,000. 39.74% of the stock is owned by hedge funds and other institutional investors.

GrowGeneration Company Profile

GrowGeneration Corp. engages in the retail of hydroponic and organic specialty gardening products. It offers lighting fixtures, nutrients, seeds and growing media systems, trays, fans, filters, humidifiers and dehumidifiers, timers, instruments, water pumps, irrigation supplies, and hand tools. The company was founded by Darren Lampert and Michael Salaman on March 6, 2014 and is headquartered in Denver, CO.

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Analyst Recommendations for GrowGeneration (NASDAQ:GRWG)

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